Comments on: Daily Roundup: Interviews, Charities, and Bike Mortgageshttp://www.getrichslowly.org/blog/2007/06/22/daily-roundup-interviews-charities-and-bike-mortgages/
Common sense advice on money saving tips, how to get out of debt, high interest savings accounts, cd rates, money market accounts, mortgage rates, money management and more.Sun, 02 Aug 2015 22:20:27 +0000hourly1http://wordpress.org/?v=3.0.1By: Seorsahttp://www.getrichslowly.org/blog/2007/06/22/daily-roundup-interviews-charities-and-bike-mortgages/comment-page-1/#comment-133659
SeorsaFri, 23 May 2008 15:56:37 +0000http://www.getrichslowly.org/blog/2007/06/22/daily-roundup-interviews-charities-and-bike-mortgages/#comment-133659Jess- there was a story on the loacl news (Sacramento CA) about a guy who was attacked by some yahoos and had his $14,000 Mt bike smashed. He lived in a very modest house, so perhaps he took out a second :)Jess- there was a story on the loacl news (Sacramento CA) about a guy who was attacked by some yahoos and had his $14,000 Mt bike smashed. He lived in a very modest house, so perhaps he took out a second

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]]>By: Jesshttp://www.getrichslowly.org/blog/2007/06/22/daily-roundup-interviews-charities-and-bike-mortgages/comment-page-1/#comment-133543
JessFri, 23 May 2008 02:11:05 +0000http://www.getrichslowly.org/blog/2007/06/22/daily-roundup-interviews-charities-and-bike-mortgages/#comment-133543Like Seorsa, I am an avid biker(mountain and roadie) and I thought the same thing! I thought they were going to talk about diversifying your portfolio:) A bike is a good investment, but I am not going to shell out 4k for one bike.Like Seorsa, I am an avid biker(mountain and roadie) and I thought the same thing! I thought they were going to talk about diversifying your portfolio:) A bike is a good investment, but I am not going to shell out 4k for one bike.

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]]>By: Seorsahttp://www.getrichslowly.org/blog/2007/06/22/daily-roundup-interviews-charities-and-bike-mortgages/comment-page-1/#comment-115815
SeorsaMon, 04 Feb 2008 17:08:13 +0000http://www.getrichslowly.org/blog/2007/06/22/daily-roundup-interviews-charities-and-bike-mortgages/#comment-115815I read this one because the heading reads "Bike Mortgages". I enjoy bikes and riding, and have always been amazed at the amount of money a roadie would pay for their carbon bikes (4-6K for a non custom bike). Now that the mountain bikes are catching up....
Anyways, I though you were talking about mortgages from these custom bike builders that have a sky is the limit pricing chart.I read this one because the heading reads “Bike Mortgages”. I enjoy bikes and riding, and have always been amazed at the amount of money a roadie would pay for their carbon bikes (4-6K for a non custom bike). Now that the mountain bikes are catching up….

Anyways, I though you were talking about mortgages from these custom bike builders that have a sky is the limit pricing chart.

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]]>By: Chandrika Chowdhryhttp://www.getrichslowly.org/blog/2007/06/22/daily-roundup-interviews-charities-and-bike-mortgages/comment-page-1/#comment-95375
Chandrika ChowdhryWed, 15 Aug 2007 23:26:15 +0000http://www.getrichslowly.org/blog/2007/06/22/daily-roundup-interviews-charities-and-bike-mortgages/#comment-95375Thanks Paul...
I was being called daily by Citimortgage (my mortgage company as well - recently closed on an apt) to enroll in the biweekly. I couldn't find any information about it on their website (although I didn't spend much time looking) and instead googled and found this website.
So... thanks for your insight on Citimortgage's "advantage" plan - i know now that i should not spend another second worrying about it.Thanks Paul…

I was being called daily by Citimortgage (my mortgage company as well – recently closed on an apt) to enroll in the biweekly. I couldn’t find any information about it on their website (although I didn’t spend much time looking) and instead googled and found this website.

So… thanks for your insight on Citimortgage’s “advantage” plan – i know now that i should not spend another second worrying about it.

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]]>By: Canadian Dreamhttp://www.getrichslowly.org/blog/2007/06/22/daily-roundup-interviews-charities-and-bike-mortgages/comment-page-1/#comment-90649
Canadian DreamSat, 23 Jun 2007 02:59:59 +0000http://www.getrichslowly.org/blog/2007/06/22/daily-roundup-interviews-charities-and-bike-mortgages/#comment-90649JD,
Thanks for the link. For your information I finished editing your interview this morning and I hope to have it up the first week of July.
I've actually trying to build up a full week of interviews for that time. Hopefully it all works out.
CDJD,

Thanks for the link. For your information I finished editing your interview this morning and I hope to have it up the first week of July.

I’ve actually trying to build up a full week of interviews for that time. Hopefully it all works out.

CD

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]]>By: Paulhttp://www.getrichslowly.org/blog/2007/06/22/daily-roundup-interviews-charities-and-bike-mortgages/comment-page-1/#comment-90623
PaulFri, 22 Jun 2007 20:03:28 +0000http://www.getrichslowly.org/blog/2007/06/22/daily-roundup-interviews-charities-and-bike-mortgages/#comment-90623Hi all,
Being the one who promted the pay-down vs. invest debate, I'd like to
comment on what I finally decided to do.
After reading all the excellent posts here, and after discussing the
matter further with my financial advisor I decided to leave the money
exactly where it is in the CDs. The CDs are getting between them an
average of 5.25% APY. With my mortgage interest at 5.375% effectively
being closer to 4.0% thanks to itemizing on my Federal Income Taxes,
I'm actually making ~1.25% APY on this money, which is a whole lot
better than *losing* .0125% as I previously thought.
The reason for *not* just paying it down is primarily that there's no
point. It's only going to save me 10 years and $3000. I've already
made more than $3000 just from the interest earned on these CDs.
The CDs are FDIC insured, so it's as "safe" a bet for an investment as
there is. And, if I ever run into an emergency such as being
unemployed, that money will take care of my monthly mortgage payments
for a couple of years.
Additionally, I'm working on building up an emergency fund to cover
the bulk of our other expenses modulo the mortgage payment.
So, thanks so much for the great comments and insights you all
presented here. They were quite informative and educational!Hi all,

Being the one who promted the pay-down vs. invest debate, I’d like to
comment on what I finally decided to do.

After reading all the excellent posts here, and after discussing the
matter further with my financial advisor I decided to leave the money
exactly where it is in the CDs. The CDs are getting between them an
average of 5.25% APY. With my mortgage interest at 5.375% effectively
being closer to 4.0% thanks to itemizing on my Federal Income Taxes,
I’m actually making ~1.25% APY on this money, which is a whole lot
better than *losing* .0125% as I previously thought.

The reason for *not* just paying it down is primarily that there’s no
point. It’s only going to save me 10 years and $3000. I’ve already
made more than $3000 just from the interest earned on these CDs.

The CDs are FDIC insured, so it’s as “safe” a bet for an investment as
there is. And, if I ever run into an emergency such as being
unemployed, that money will take care of my monthly mortgage payments
for a couple of years.

Additionally, I’m working on building up an emergency fund to cover
the bulk of our other expenses modulo the mortgage payment.

So, thanks so much for the great comments and insights you all
presented here. They were quite informative and educational!

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]]>By: glhhttp://www.getrichslowly.org/blog/2007/06/22/daily-roundup-interviews-charities-and-bike-mortgages/comment-page-1/#comment-90612
glhFri, 22 Jun 2007 18:27:02 +0000http://www.getrichslowly.org/blog/2007/06/22/daily-roundup-interviews-charities-and-bike-mortgages/#comment-90612Oops! For a second there, I thought grs was presenting an in depth look at buying a new bike on credit. something I've been tempted to do considering all the stunning handmade bikes in portland,or. vanilla bicycles and ira ryan and sweetpea cycles being just the beginning of my bicycle lust. instead i have a savings account for that, one day I'll save enough for one of those hand-made beauties. though, the willpower required to wait is considerable. (btw...both my mortgage companies have said they won't accept two payments in one month.)Oops! For a second there, I thought grs was presenting an in depth look at buying a new bike on credit. something I’ve been tempted to do considering all the stunning handmade bikes in portland,or. vanilla bicycles and ira ryan and sweetpea cycles being just the beginning of my bicycle lust. instead i have a savings account for that, one day I’ll save enough for one of those hand-made beauties. though, the willpower required to wait is considerable. (btw…both my mortgage companies have said they won’t accept two payments in one month.)

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]]>By: KMullhttp://www.getrichslowly.org/blog/2007/06/22/daily-roundup-interviews-charities-and-bike-mortgages/comment-page-1/#comment-90592
KMullFri, 22 Jun 2007 15:30:48 +0000http://www.getrichslowly.org/blog/2007/06/22/daily-roundup-interviews-charities-and-bike-mortgages/#comment-90592Thanks for the linkage. Didn't realize you had so many interviews going down!Thanks for the linkage. Didn’t realize you had so many interviews going down!

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]]>By: Paulhttp://www.getrichslowly.org/blog/2007/06/22/daily-roundup-interviews-charities-and-bike-mortgages/comment-page-1/#comment-90589
PaulFri, 22 Jun 2007 15:02:32 +0000http://www.getrichslowly.org/blog/2007/06/22/daily-roundup-interviews-charities-and-bike-mortgages/#comment-90589Hi all,
I just checked on my mortgage company's website (CitiMortgage) to see
what they're rules concerning bi-weekly payments were. I wasn't
impressed.
First, they have a "plan" called the "BiWeekly Advantage" plan. To
sign up for this plan, they *require* you to allow them to
automatically draft from a checking or savings account. That's not
something I'm likely to let them do :)
Second, and this is the part that *really* frosts me, is that they
*charge* you a $375, non-refundable enrollment fee!
You are probably much better off just sending them a check every two
weeks with a note telling them, in no uncertain terms, how much to put
towards principal, interest, taxes, and escrow. At least where I
live, they *have* to abide by your wishes, and here it's against the
law to charge pre-payment penalties.
While I truly love the idea of paying bi-weekly, I don't think
enrolling in the "BiWeekly Advantage" plan is an advantage to anyone
but them!Hi all,

I just checked on my mortgage company’s website (CitiMortgage) to see
what they’re rules concerning bi-weekly payments were. I wasn’t
impressed.

First, they have a “plan” called the “BiWeekly Advantage” plan. To
sign up for this plan, they *require* you to allow them to
automatically draft from a checking or savings account. That’s not
something I’m likely to let them do

Second, and this is the part that *really* frosts me, is that they
*charge* you a $375, non-refundable enrollment fee!

You are probably much better off just sending them a check every two
weeks with a note telling them, in no uncertain terms, how much to put
towards principal, interest, taxes, and escrow. At least where I
live, they *have* to abide by your wishes, and here it’s against the
law to charge pre-payment penalties.

While I truly love the idea of paying bi-weekly, I don’t think
enrolling in the “BiWeekly Advantage” plan is an advantage to anyone
but them!

]]>By: Dylanhttp://www.getrichslowly.org/blog/2007/06/22/daily-roundup-interviews-charities-and-bike-mortgages/comment-page-1/#comment-90583
DylanFri, 22 Jun 2007 14:38:04 +0000http://www.getrichslowly.org/blog/2007/06/22/daily-roundup-interviews-charities-and-bike-mortgages/#comment-90583"Mathematically it makes more sense to invest"
My intent is not to rehash the pay down vs. invest debate, but this is not a foregone conclusion. Which way the actual math goes is dependant on a number of variables, and does not support one conclusion over the other with any regularity.“Mathematically it makes more sense to invest”

My intent is not to rehash the pay down vs. invest debate, but this is not a foregone conclusion. Which way the actual math goes is dependant on a number of variables, and does not support one conclusion over the other with any regularity.

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]]>By: MillionDollarJourney.comhttp://www.getrichslowly.org/blog/2007/06/22/daily-roundup-interviews-charities-and-bike-mortgages/comment-page-1/#comment-90576
MillionDollarJourney.comFri, 22 Jun 2007 12:18:05 +0000http://www.getrichslowly.org/blog/2007/06/22/daily-roundup-interviews-charities-and-bike-mortgages/#comment-90576As I said earlier, tax deductible debt is considered good debt. Why not keep your mortgage and invest your savings? If you want to pay down the mortgage, why not use the tax return from the mortgage to pay it down once a year?
FTAs I said earlier, tax deductible debt is considered good debt. Why not keep your mortgage and invest your savings? If you want to pay down the mortgage, why not use the tax return from the mortgage to pay it down once a year?

FT

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]]>By: Jeffhttp://www.getrichslowly.org/blog/2007/06/22/daily-roundup-interviews-charities-and-bike-mortgages/comment-page-1/#comment-90568
JeffFri, 22 Jun 2007 11:05:29 +0000http://www.getrichslowly.org/blog/2007/06/22/daily-roundup-interviews-charities-and-bike-mortgages/#comment-90568I think Lynn's introduction to bi-weekly mortgages understates the percentage of such plans that are ripoffs. When I was mortgage hunting I talked to several banks/brokers and I found no bi-weekly or bi-monthly plans that actually posted the payment upon receipt -- and they all charged an extra fee. I'm sure there are some good ones out there, but it's way too easy to get hoodwinked.
The easiest thing to do to get pretty much the same result is to make an extra 1/12th of a payment each month (automated, of course) - even the about.com article on bi-weekly mortgages suggests this. It's a small enough amount each month that you learn to live without it, but it still saves you a lot in interest and helps you build equity a lot faster.I think Lynn’s introduction to bi-weekly mortgages understates the percentage of such plans that are ripoffs. When I was mortgage hunting I talked to several banks/brokers and I found no bi-weekly or bi-monthly plans that actually posted the payment upon receipt — and they all charged an extra fee. I’m sure there are some good ones out there, but it’s way too easy to get hoodwinked.

The easiest thing to do to get pretty much the same result is to make an extra 1/12th of a payment each month (automated, of course) – even the about.com article on bi-weekly mortgages suggests this. It’s a small enough amount each month that you learn to live without it, but it still saves you a lot in interest and helps you build equity a lot faster.

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]]>By: gusgushttp://www.getrichslowly.org/blog/2007/06/22/daily-roundup-interviews-charities-and-bike-mortgages/comment-page-1/#comment-90565
gusgusFri, 22 Jun 2007 09:06:40 +0000http://www.getrichslowly.org/blog/2007/06/22/daily-roundup-interviews-charities-and-bike-mortgages/#comment-90565One note about mortgage vs. investing. If you ever get sued silly, isn't your house one of the few assets they can't take away from you? Yes, they can put a lien against it. But they can't make you move & sell it.One note about mortgage vs. investing. If you ever get sued silly, isn’t your house one of the few assets they can’t take away from you? Yes, they can put a lien against it. But they can’t make you move & sell it.